Is getting on the property ladder impossible or is it in your mind?

I was listening to LBC yesterday and the topic of conversation was Barclays introduction of a "100% mortgage"; the presenter posed the question,” Is inherited wealth pretty much the only way to get onto the property ladder"

As a young person that was able to get on the property ladder without the help of family wealth or a loan from my parents I thought it was a good opportunity for me to comment.

The question made me think if it was really impossible for young people get onto the property ladder...

I've listed some of my views below:

1.  I agree that getting onto the property ladder in London is extremely difficult. I believe that less emphasis on living in London is needed; there are plenty locations just outside London that are significantly cheaper. (I do find it interesting that many people seem to think they have some sort of God given right to live in their capital city)

2.  Young people need to take responsibility for saving from a young age. If most 24/25 year olds started saving whilst they were 17/18 they would probably be in a position now to put a deposit down on a property. The earlier you start saving the better. (I started saving from when I had my first part time retail job.) Sacrifice is key

3.  Access to a big enough mortgage is one of the biggest issues when looking for a property. The unfortunate truth is that you need to find a better paid job if you want access to better mortgages. This is much easier said than done but not impossible. Aim high and apply for jobs that pay you what you deserve to be paid

4.  Less complaining more educating... Educate yourself about how property and mortgages work; don't let negative media headlines decide whether you can get onto the ladder or not

5.  Live with your parents for as long as possible. Moving out to rent will limit the amount you can save

6.  Partner up with a friend or relative and buy a place together. Two salaries are better than one

7.  Help to Buy 1 has changed slightly. To reflect the current property prices in London, the Government have increased the upper limit for the equity loan it gives new homebuyers within Greater London from 20% to 40%

I'm not saying anything I’ve listed above is easy; however, I realised a long time ago that we cannot depend on the government or anybody else to truly help us out; I genuinely believe that getting on the property ladder is possible with the right mentality, knowledge and sacrifice.

If you're one of those people that don't have your parent’s wealth behind them (like me) we can either complain like everyone else or knuckle down and build our own dreams.

Guess which one I chose?

PS. Leicester would never have won the premier league if they had the same negative attitude that many people seem to have towards owning a property.

Follow @PropertyCohort on FacebookTwitter and LinkedIn to be kept up to date with UK Property News and Investment Advice.